Old QVC Group, Inc. Emerges from Chapter 11; Issues New Secured Debt

What Happened
Old QVC Group, Inc. (trading symbol QVCAQ) filed an 8‑K reporting that, effective August 6, 2026 (the Plan Effective Date), it completed its Chapter 11 restructuring under a confirmed plan. As part of the plan the company: (a) issued new secured debt and credit facilities to fund the reorganization, (b) cancelled all pre‑reorganization equity and equity awards for no value, (c) issued new common stock to certain creditor claimholders, and (d) replaced its board and adopted amended governing documents (including a new name, QVC Group, Inc.). The filing documents the new Takeback Notes indenture, a Term Loan credit agreement and a three‑year Exit ABL revolver, plus related stockholder and registration‑rights agreements.

Key Details

• New secured notes: $1,240,362,247 aggregate principal of 10.000% First Lien Senior Secured Notes due August 6, 2032 (interest accrues from Aug 6, 2026; semiannual cash payments Aug 15 and Feb 15 beginning Feb 15, 2027). Notes are first‑priority secured and guaranteed by certain subsidiaries.
• New term loan: $84,637,736.20 aggregate principal of first‑lien senior secured term loans (Takeback Loans) maturing six years from the Plan Effective Date; interest = Term SOFR + 5.11885% or Alternate Base Rate + 6.11885% (all‑in rate at issuance ~10%).
• ABL revolver: three‑year Exit ABL Facility of up to $600 million (asset‑based borrowing base with specific advance rates for credit card receivables, installment receivables, inventory and capped qualified cash). Term SOFR pricing and an Alternate Base Rate floor apply; used for working capital and fees.
• Equity and governance changes: all prepetition common and preferred shares and outstanding equity awards were cancelled for no value. The company issued ~21,430,005 shares of new common stock to QVC Notes claimholders and ~28,569,892 shares to RCF claimholders (exempt under Section 1145 of the Bankruptcy Code). New board members were appointed and the company adopted an Amended & Restated Certificate of Incorporation and new Bylaws (name changed to QVC Group, Inc.; authorizes 650M common / 50M preferred shares).

Why It Matters
This 8‑K documents a full financial and governance reset: prior equity was wiped out, creditors received new secured debt and equity, and the company emerged from Chapter 11 with new financing and a refreshed board. For investors, the key takeaways are the substantial new fixed interest obligations (10% notes and term‑loan pricing tied to SOFR), the existence of a $600M asset‑based revolver for liquidity, and the dilution/transfer of equity ownership to former creditors under the plan. The new debt and covenants will drive the company’s near‑term cash interest burden and restrict certain corporate actions, so monitoring upcoming financial reporting, covenant compliance, and any future equity registration or sales under the registration‑rights agreement will be important.